Revolut
Revolut is what I call the Swiss knife of banking. Every feature and service I have mentioned previously has its own version.
Revolut is a global online bank and e-money service with accounts available for personal and business use. For creators situated globally Revolut is a good choice for creators that require a multi-currency account.
Revolut services can cater to the Solopreneur or a multinational corporation. For the purposes of this article, I will stick to services and features that aid the needs of online creators and solo entrepreneurs.
Multi-Currency Account
Revolut’s multi-currency account is at the root of Revolut’s business. It offers the ability to operate globally, like Payoneer, Wise, and PayPal.
Depending on your location, the account has the ability to store more than 30 currencies. Revolut provides local bank account details for a few countries. In the UK, Revolut offers BACS GBP (£), ACH USD ($), and SEPA EUR (€). In your location, the local currency accounts may differ.
Receiving Payments
Bank Transfers
Having local bank details allows a creator to operate like a local business in a different country than the country the creator lives in.
For example, living in the UK I can have a client in the USA. I can give my client my USA bank account details, and the client can pay me in US dollars (USD ($). I can then use my USD ($) account to pay for goods and services charged in USD ($) or convert USD ($) currency to GBP (£) when needed.
For the other currencies, Revolut provides an International Bank Account Number (IBAN). With Revolut’s account number, any currency sent will be routed to the relevant currency account. This is provided you have opened an account in the currency being sent. If you have not opened an account in the currency being sent, Revolut will convert the sent currency to the default currency in your Revolut account.
Online E-Commerce (Payment Gateway)
There are many ways to receive payments as a creator other than bank transfers. With Revolut, if you have a website with e-commerce functionality, Revolut offers a payment gateway.
Revolut’s payment gateway is available on multiple online platforms. WooCommerce, Prestashop, Magento 2, BigCommerce, OpenCart, or Shopify Are the platforms Revolut’s e-commerce plugin is available for?
- Woocommerce is a plugin for WordPress that can be installed on standard web hosting.
- Prestashop is a standalone application installable on standard web hosting.
- Magneto 2 is a standalone application installable on standard web hosting.
- BigCommerce is a managed e-commerce platform.
- Shopify is a managed e-commerce platform.
All are more than capable of running a busy e-commerce website.
In-person Payments: Card Reader
Revolut allows you to receive payments via a card reader. After you have opened your Revolut account, you can order the Revolut card reader. In the UK, the card reader costs £49.
The card reader works with both Android and Apple devices. Once you have the card reader in your possession, you link it to your smartphone or tablet. The software needed to operate the card reader is part of the Revolut Banking app.
With the card reader, you can accept credit and debit cards, whether Mastercard or Visa. You can accept Apple Pay and Google Pay for maximum flexibility.
Payment Acceptance Fees (per transaction)
Online E-Commerce Pricing:
UK consumer cards: 1% + £0.20
All international and commercial cards:
2.8% + £0.20
Revolut Pay: 1% + £0.20
Easy Bank Transfer: 1% + £0.20
These fees are capped at £1.00.
In-person pricing
UK consumer cards
0.8% + £0.02
All international and commercial cards
2.6% + £0.02
It should be noted that these are the standard prices. If you require a pricing model that better suits your business, it is possible to negotiate this by contacting Revolut’s customer service.
Funds Access
Once your commerce transactions have been processed, Revolut allows for next-day settlement. So you will be able to access the funds for reinvestment, etc. With most other platforms, it can take days or weeks before the funds become available in your account.
Payments with links and QR codes
With payment links, you create a link to a payment page. Your customer will then have the option to pay via a variety of payment methods, including Apple Pay, Google Pay, Revolut Pay, and credit or debit cards.
Payment links can be shared via email, SMS, and invoices. The benefit of payment links is that they allow you to be paid quickly and easily. Also, it allows you to receive 50% of your payment in 25 minutes!
QR Codes
If used correctly, QR codes can be one of the most flexible methods to receive payments.
QR codes are created within the Revolut business app. Then all that is needed is for your customer to scan the QR code with their phone. This will direct their phone, via the in-built internet browser, to a payment page. Like payment links, your customer will be offered a variety of payment methods, like Apple Pay, Google Pay, Revolut Pay, and credit or debit cards.
** Revolut Pay offers similar functionality to Apple and Google Pay **
This method of using QR codes negates the need for a card reader. It should also be possible, after jumping through some hoops, to include a QR code in an email or invoice.
Making Payments
Depending on the type of business and the number of employees you have, there are a number of payment methods available with Revolut.
Payroll
As your creator business grows, the need to pay employees will become a necessity. To help with this, Revolut has a payroll tool that will automate the process of paying employees.
Not all payroll features are available where Revolut is available around the globe. However, in the UK, once setup by entering your employee’s details, tax code, etc., Revolut Payroll will calculate all the necessary tax deductions and report them to the relevant tax organisation. (HMRC for employees in the UK)
On-Demand Pay is an add-on feature available that allows employees early access to accrued earnings. meaning that normally, an employee would wait a week before getting paid. With On-Demand, the employee can check how much they have earned so far before the coming payday and request for a fee earnings from the amount already earned.
Bulk Payments
With bulk payments if you have employees or suppliers situated internationally, bulk payments are a good option for making payments. Revolut’s multi-currency account enables you to make international payments via bulk payments, reducing the amount of fees you would pay if the same payments were made through a traditional bank.
Another scenario for which bulk payments could be used is an online marketplace similar to eBay, where both buyers and sellers are paid weekly or monthly.
